Ship Management Survey for the second half of 2017

Friday, 27 April 2018

The Central Bank of Cyprus has today published the results of the Ship Management Survey for the second half of 2017. The main developments concerning the cross border transactions of resident ship management companies, are summarised as follows:

Ship management revenues increased to €476 million during the second half of 2017, recording an increase by €4 million from the previous assessment period. The aforementioned change is, however, lower compared to the increase in the GDP of Cyprus during the same period.

The main exporting destinations for the services of the ship management industry include Germany, Russia, Singapore, Malta and Switzerland.

The industry’s payments abroad, which mainly comprised of crew wages, crew training expenses, engineering expenses and other general administrative expenses, declined by 3% compared to the first half of 2017.

The Central Bank of Cyprus (CBC) was established in 1963, shortly after Cyprus gained its independence, in accordance with the Central Bank of Cyprus Law, 1963 and the relevant articles of the Constitution. Today the CBC is governed by the Central Bank of Cyprus Law, 2002 as amended (hereafter “the CBC Law”).